Where do you begin??

StopIt

copperman05 wrote: »

Because most people are not accountants and are put off by confusing speadsheets and having to write stuff down. YNAB puts those tools in a package that's easy to use, easy to access and really doesn't cost that much (about £3 month), which will more than pay for it self in the first month of using...

With respect, Excel does most of the work for you.


I created a simple custom spreadsheet that automatically updates my household budget in about 30 minutes. Each month I create a new copy and so have records of each months spending, fully categorised similar to the SOA tool we see here used lots. Basically, it has fixed costs (Direct Debits, rent etc) and budgeted amounts for variable costs (Like groceries, toiletries, baby stuff etc). Each time we spend, it gets logged in the category, and the budget remaining total goes down for that month. Any surplus at the end of each cycle gets saved.


YNAB is of course, very useful, but it's not rocket science to do it yourself!

zippygeorgeandben

Going back to the OP - let me give you a little example of how my partner and I view finances differently.
We did our 'big shop' on 1st March (we always do our big shop once a month to cut down on extra trips to supermarkets, make batches of meals in the slow cooker etc.) and I noticed that 2 boxes Magnums had mysteriously entered the shopping basket but it was too late to do anything about it.
Now I really like Magnums? Love them? No, really like them. It was £5 for 2 boxes (an offer apparently) and you get 7 Magnums. We've had one a night and they have gone. Now yes, for me, fine, a treat, hasn't broken the bank howeer my partner now has said he's going to get some more. That's where we differ you see. £5 on Magnums and it's 6th March. Judging by this calculation, that'll be £20 plus for the month on something which yes I like, but don't need them.

I'm not stating that you should starve yourself of any fun or enjoyment however I'd rather tackle the debt or put this money towards a meal out with the OH.

Now who wants a Magnum? (It's March as well?!)

enjoyyourshoes

Set up a series of regular savers to take up the spare cash, set SO so you account for it and forget it till it matures with 6% interest at end year, then repeat. set them up with regular maturing intervals and to the maximum allowed. Then you will not be tempted.

Saver the YNAB charge to treat yourself for a treat

itsallabitmuch

I use an app called Wally - it's completely free.

It allows you to input your bank balance, and list all direct debits/standing orders/regular cash payments etc. with the amounts that will be outgoing. You can also put details of you income in, and when you receive your income.

By inputting all of this information, Wally tells you how much 'disposable income' you have left, and works out a daily budget for you.

Every time you make a purchase, you can input the details and it will come off you budget balance. You can also add notes and scan in receipts.

It has literally been a life-saver for me, and made me aware of where my money was going.

You can also see an overview of what % of your money has gone where if you categorise your purchases. It's got a really easy-to-use interface.

Sheep

Forgive me for I have sinned.

I have done 3 days spending nothing and taking sandwiches to work and buying big bottles of cheap pop rather than a bottle of coke of a red bull every day.

I have however paid £5 for a car wash and £7 for a takeaway.

Am i defeating the object?

Personally at times I work so long hours by the time i get home im too tired to cook and my wife will be at work. I also am not beating myself up for paying for a car wash because on my one day off I need to rest and not spend it cleaning the car.

For me its a start and has really opened my eyes

Anoneemoose

Sheep wrote: »

Forgive me for I have sinned.

I have done 3 days spending nothing and taking sandwiches to work and buying big bottles of cheap pop rather than a bottle of coke of a red bull every day.

I have however paid £5 for a car wash and £7 for a takeaway.

Am i defeating the object?

Personally at times I work so long hours by the time i get home im too tired to cook and my wife will be at work. I also am not beating myself up for paying for a car wash because on my one day off I need to rest and not spend it cleaning the car.


For me its a start and has really opened my eyes

We always do stuff like this..and we all have things that we prefer to spend treat money on, so don't beat yourself up . We were takeaway addicts, sadly. I have chronic illnesses and although I don't work, I struggle to cook a lot of the time. I am proud to say though, we haven't had a takeaway for over 2.5 weeks!! That's a record for us.

Have you done a budget yet? I would def recommend trying YNAB. Even if you don't continue with it..it just helps you actually think about what you're spending your money on. And you can set up some budgets for car washing and takeaways, if that's what you fancy!

Sheep

Not completed any official budget yet however I have a good understanding of my outgoings leaving me with £600 per month.

My aim is to spend £50 per week on everything including fuel and sandwiches for lunch.

I am hoping to put £400 per month away.

Thats the plan.... time will tell!!

nkkingston

If you're not ready for budget apps, the envelope method can work if you don't mind having loads of cash around the place. If your spending money for the week is £50, get £50 out at the beginning of the week and leave your card at home so you can't get any more when you run out.

Batch cooking is good way to solve the not-wanting-to-cook in the evening problem. Say you made cottage pie for dinner on Saturday night for two of you: make six portions of mince (one big packet from the supermarket, a couple of big onions, a tin of tomatoes and some garlic), and then you've got chilli for monday and spag bol for tuesday. And if you're chopping a bunch of onions and garlic anyway, might as well do some extra; get some sandwich bags and put four chicken thighs in each with some tinned tomatoes, curry powder in one bag and barbeque sauce in another, and your spare onions and garlic, and that's wednesday's curry and thursday's barbeque chicken done too. For less than an hour of prep in the kitchen, with your other half keeping you company doing the washing up, that's four weeknights sorted.

Where are these 6% regular savers, btw? I can't find anything better than 2%. Are there specific linked bank accounts you need?